General Ledger (G/L), the core of ObviO EMS’s accounting functionality, is the module where all financial transactions are posted, reconciled, audited and reported. Fast and flexible, the General Ledger module includes on-demand audit trails, multi-company and multi-fiscal year processing, cash, accrual and encumbrance-based accounting, unlimited user-defined subsidiary ledgers, and unlimited chart-of-accounts expansion—both in the number of G/L accounts and the volume of activity posted. The capabilities of the G/L module include financial statements, multi-company and cost center processing, unlimited subsidiary ledgers, detail and summary trial balances, detailed audit trail analysis, year-end processing, and budget entry and reporting. An unlimited number of fiscal years may exist and there is no requirement to close an accounting period or fiscal year before posting in a new accounting period. As many accounting periods and fiscal years may stay open as desired since “closing” a period just blocks further posting to that period.
Some of the outstanding features of the General Ledger module include:
- Built-in balancing controls – All posting is on-line and interactive with immediate Ledger update or optional “background” batch update processing.
- Flexible account structure – Up to 25 characters length with variable company, cost center, and detail account components. No software-dictated limit on the number of accounts allowed and no need for “header,” “summary,” or “memo” accounts on the company chart-of-accounts.
- Multiple open accounting periods – Multiple periods can remain open at the same time; no need to close one accounting period before starting to post into the next period. All back-posted entries automatically carry forward. Can also have an unlimited number of fiscal years, providing the ability for historical audit reports, statistical projections and comparative analysis management reports.
- Consolidation – Manual or automatic consolidation of selected companies and/or cost centers on Trial Balances, Financial Statements and Detail Ledger reports.
- Free-form financial statements – An infinite number of user-formatted financial statement reports can be created. Select data from any accounting period for period and year-to-date net, budget, variance, period-to-period, year-to-year, column-to-column, and line-to-line ratios, percentages, and comparisons. Percentage factors can be indicated at the statement line and statement column level to perform modeling and forecasting. No need to import information to prepare these financials, but users can display, print, and e-mail the reports (PCL or PDF format) or export them to Excel as a standard ASCII data file or as an XML workbook, complete with functional formulas.
- Automatic closing – ObviO EMS calculates company or enterprise equity as users produced a Balance Sheet. At year-end, all required income and expense accounts are automatically closed to user-specified equity accounts with a Journal Entry created for the audit trail.
- Budget flexibility – Budgets can be maintained by G/L account on an annual basis, by individual accounting period, or by user-determined percentage breakdown of annual budget. Budgets can be maintained and reported for future periods at any time.
- Journal Vouchers (JV) – The product allows regular, recurring JV’s, automatic reversing accrual JV’s, and multiple methods of calculating reallocation or charge back JV’s.
- Inter-company Transfers – Optional automatic posting of summary or detail company entries to pre-defined due-to and due-from accounts.
- Audit Trails Activity Tracking – Audit activity is tracked by accounting and transaction entry date. Reports allow for date range and company/journal source and sub-ledger selection criteria so that only desired activity is reported.
- Users can display and print account analysis summary and detail transaction information for any account and any date range for the ultimate convenience of access to audit trails.
- Built-in interfaces provide import and export capability through the use of standardized templates for ASCII data files or the more compliant interfaces using XML data transformations. Most reports can be output in PCL or PDF format or exported in XML format where they can then be imported into 3rd- party software such as Adobe PDF or Microsoft Excel. The product also allows for automatic e-mail report delivery.